On January 1 of Year 1, a borrower signed a long-term note, face...
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Accounting
On January of Year a borrower signed a longterm note, face amount of $; time to maturity is three years; stated rate of The market rate is The note will be paid in three equal annual installments of $ on each December which is the accounting yearend for the borrower
Required
Note: Round your answer to the nearest whole dollar.
a Compute the cash received by the borrower. a Compute the cash received by the borrower.
b Prepare a debt amortization schedule.
Note: Round each amount in the table to the nearest whole dollar.
Note: Use a negative sign for the "Reduction in NP amounts.
c Provide the required entries for the borrower for the issuance of the note on January Year and the interest payments on December of Year Year and Year
Note: Round your answer to the nearest whole dollar.
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